Cell Swapper
Might sound like a strange topic given this is a property management blog. But, it made me think of something that is happening more and more in our business.
The real reason I post about it is three part. 1. It is happening more and more that residents are approaching us with the idea of finding a replacement resident to take over their existing lease term. The driving reason being to avoid the lease break fees. 2. We are letting them do it. 3. I would love to know your thoughts on the subject.
In the month of May alone we did four transactions where residents posted Craigslist ads, found a prospect and brought them to us. We ran the credit, collected the fees, signed the appropriate paperwork and off they went.
We started charging a $300 fee for such an action and it has not slowed the number of people doing it. Given the alternative equates to nearly 4 months rent, I would do it too.
What thoughts do you have about such a service? I call it that because that is what I think it is.
Oh yeah, CellSwapper looks cool too.
Oh yeah, yeah, Bzzagent is very cool too.
M
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About Mike Brewer
My mission is to tease out the human potential in the multifamily space.